To get a loan without any problems, a loan seeker must have an excellent credit rating. What does it mean? The income must be sufficient, the Credit Bureau without negative entries and the permanent position must be available. If a loan seeker can meet all of these conditions, which are the same at all banks, nothing stands in the way of a loan. The better the income situation, the easier the loan is approved. The applicant must therefore be able to cover a loan from his financial means.
There are many reasons to refuse a loan. Just think of a fixed-term contract, a trial period, unemployment, ongoing training or simply income is not enough. In addition, the negative entries in Credit Bureau are troublesome for some consumers. However, since banks want collateral when lending, the banking regulations are set up. There are certain groups of people who get a loan under difficult conditions.
These include the unemployed, the self-employed, freelancers, welfare recipients and often also pensioners. Especially the pensioner, who has a bombproof income in the form of his monthly pension, can expect rejections. The reason is not the pension, but simply the age of the loan seeker. Many banks have limited their loan commitments to 70 years. Large loans are no longer granted at this age.
The advertising promises a loan to all loan seekers, even if there is no income. The loan seeker can imagine that this will be completely ignored by reality. If customers then approach such a lurid advertising, they experience a disappointment. Who has not even received a so-called winning letter under his post by promising 5,000 USD, the loan is already waiting for the customer,
Such advertisements are of course nothing but hot air and belong in the trash. Generally, a loan seeker must be creditworthy for a loan to be approved. Since most banks nowadays work with special software, where a loan is processed within a few minutes, a good credit rating is one of the first approval criteria. If the customer has a negative entry and is even void, it is filtered out of the bank grid.
Only if all the conditional characteristics are present will there be a loan without problems. If a customer has top creditworthiness, he can also expect particularly low interest rates, and higher loan amounts and longer loan terms are approved. Banks do not rate the default risk as very high for a solvent customer. Think of an official or civil servant. This clientele has a good credit rating right from the start. This includes the fact that they cannot be terminated and their income, which is quite considerable.
When evaluating creditworthiness, a bank clerk is not only based on his own experience, Credit Bureau provides valuable information, the bank can use the Credit Bureau Score to estimate a customer’s solvency. The bank statements that the employee can see clear up the last doubts.
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The period of the audited finances is narrow. Only the last three months are checked. It is good if the account is in the plus, even if an overdraft facility has been granted. Chargebacks or payments to a debt collection company paint a bad picture of the customer’s creditworthiness. Whoever manages his account signals to the bank that he has his finances under control.
If there are major gaps in creditworthiness such as insufficient income, these can be secured by valuable property security, and the naming of a co-applicant or a guarantor is also welcome with the loan without problems. The vehicle letter of a paid car, a property, a loanable life insurance or a savings contract would be conceivable as security. The loan without problems has a wide range of approvals.
Observe the conditions
Even if the customer is not creditworthy with his house bank, he does not have to do without a loan without problems. Many banks offer a loan without problems. Ultimately, of course, the loan amount is decisive. Small loans up to 5,000 USD can be checked and paid out in a simplified test procedure. The approval chances are higher with these banks than with the house bank.
In order to find a suitable provider, the loan seeker can use the loan comparison. It can be used easily and free of charge on the Internet. After entering the loan amount, the term and possibly an installment amount, the customer is shown a list of the best providers with their terms and conditions. If the suitable loan offer was found, the loan application can be made directly via the comparison.
However, only the cheapest interest rate is shown with these providers. Not all customers get this interest on a loan without problems. Since interest rates are calculated depending on the creditworthiness, he receives a favorable interest rate that has a good credit rating. Here too, it is important to pay attention to the credit terms. This would not result in many loan declines. The procurement guidelines often show who falls outside the bank’s grid.
For example, the unemployed, the self-employed, freelancers and social welfare recipients must not hope for a loan. Likewise, employees who are identified as contract workers or employees who have fixed-term contracts usually only get a loan without problems under difficult conditions.
There are quite a few customers who see the overdraft facility as a loan without any problems and make constant use of it. It should also be mentioned that the overdraft facility is the most expensive loan. With an interest rate calculated by some banks of up to 15%, it is significantly higher than the interest rate of an installment loan.
Can a loan broker easily arrange a loan?
Credit brokers advertise that they can still arrange a loan even in the most difficult cases. In particular, the cases where banks have already rejected are highlighted in the advertising. Credit intermediaries are at home in the credit market and also know which bank will still grant a loan with acceptable interest rates if it has poor creditworthiness.
The comparison that credit intermediaries perform shows that the loan seeker receives a cheap loan offer. However, when looking for a mediator, care should be taken to ensure that they work properly. You can see that no preliminary costs are calculated and no insurance contracts have to be signed. If a loan has been approved, it only receives its commission.